Well, folks, another hurricane season in Florida has come and gone, leaving us with nothing but a collective sigh of relief and the looming specter of potential disaster. In the spirit of commemorating the official end of hurricane season, I urge you to take a moment to reflect on your condo association’s insurance choices. Because let’s face it, nothing says “peace of mind” like a flood that wipes out your savings and leaves unit owners drowning in assessments.Continue Reading Florida Condo Associations: Dodging Floods and Drowning in Premiums?
Few coverages are more important than flood insurance. Whether it is storm surge from a hurricane, rising rivers, torrential rains, or broken levees, floods occur in every part of the United States. Unfortunately, as most people know, flood insurance is difficult to find. Since most private insurers specifically exclude flood from coverage, the majority of flood coverage is purchased from the National Flood Insurance Program, which is instituted and administrated by the federal government. Unfortunately this vital program has been short on funding for years, leaving many to wonder if the program can survive.Continue Reading National Flood Insurance Program To Be Extended Again
While some areas sustained substantial wind damages from Hurricane Irene, a large portion of the losses are related to floods caused by the storm. Anyone insured through the National Flood Insurance Program should read their policies carefully and pay close attention to the time requirements mandated in the provisions.Continue Reading Irene Flood Victims Should Fill Out Proofs of Loss Now
With the Atlantic Hurricane Season rapidly approaching, associations should be checking with their agents and brokers to make sure that their property policies are in place and that all terms and conditions are understood. This includes the typical policies that provide coverage for events such as wind and fire, as well as flood insurance policies mostly issued by the National Flood Insurance Program.Continue Reading Associations Should Begin Checking And Understanding Their Policies Now
Ask anyone who has lived in a coastal community what types of insurance are most important and flood insurance will be always be at the top of the list. In fact, flood insurance should be near the top of the list in any area of the country, as evidenced by the recent flooding in Nashville, Oklahoma, and Arkansas.Continue Reading Escalating Debt Drowns Flood Insurance Renewal….Again
On day 52 of the BP oil spill, residents of the gulf coast are still feeling that they have many more questions than answers. At this point, we have seen the majority of the oil stay offshore, but now that hurricane season has officially begun, many are wondering what will happen if a tropical system roars through the gulf. While there is a potential that the oily water could be blown all over the buildings along the coast, the more likely scenario is that flood waters will carry the oil to land, leaving large deposits behind when the waters recede.Continue Reading FEMA Clarifies Position: Flood Waters Mixed With Oil Will Be Covered